CORRECTING and REPLACING GE Consumer Finance to Acquire WMC Finance Co.

Business Editors

CORRECTION... by GE Consumer Finance

STAMFORD, Conn.--(BUSINESS WIRE)--April 20, 2004

In BW6231 issued April 20, 2004: Third graph, second sentence of release should read: "The U.S. market for consumer finance is $7 trillion and it's growing...(sted "The U.S. market for consumer finance is $5 trillion and it's growing...).

The corrected release reads:

GE CONSUMER FINANCE TO ACQUIRE WMC FINANCE CO.

GE Consumer Finance, the consumer lending unit of General Electric Company (NYSE:GE), today announced it plans to acquire WMC Finance Co. Terms were not disclosed.

The transaction, which is subject to regulatory approval, is anticipated to close in the third quarter of 2004 and will expand GE's global consumer finance business in the United States. GE Consumer Finance has $107 billion in assets globally.

"This acquisition represents an exciting step in the growth and broadening of our Americas consumer finance business," said Mark W. Begor, president and chief executive officer of GE Consumer Finance-Americas. "The U.S. market for consumer finance is $7 trillion and it's growing, and this acquisition immediately gives us another channel through which we can expand quickly to reach new consumers.

"We are thrilled to have the WMC team headed by Amy Brandt join GE Consumer Finance," said Begor.

WMC, a leading nationwide wholesale lender, originates loans through its network of more than 10,000 independent distributors who use WMC's proprietary Internet-based origination system, WMCDirect.

WMC offers instant loan pre-qualifications, electronic document submissions and loan approvals in minutes with automated underwriting.

The company, which employs more than 1,200 people, will continue to be based in Woodland Hills, Calif., with offices in Texas and New York.

"WMC is a proven innovator and technology leader, and we've had tremendous success in growing our business to this point," said Amy Brandt, WMC's president and chief operating officer, who will lead the unit as president and CEO when the transaction is completed. "This agreement will allow us to combine WMC's lending expertise and strong relationships with GE's growth strategy and superior financial strength to produce a fantastic new business that can better serve the needs of our customers."

GE acquires WMC from affiliates of Apollo Management L.P. "We are thrilled to have had the opportunity to be a part of WMC's growth over the last seven years," said Marc Becker, partner at Apollo Management, L.P. "WMC Finance Corp. has gained recognition as one of the leading companies in this segment, and this acquisition by a world-class company such as GE is a tribute to WMC employees."

About GE and GE Consumer Finance

GE Consumer Finance, a unit of General Electric Company, with $107.4 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 38 countries around the world. GE Consumer Finance, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. GE (NYSE: GE) is a diversified technology, media and financial services company with operations worldwide. More information about GE can be found online at www.ge.com.